Tata Power to raise $200 million through FCCBs
Mumbai: The Tata Power Company has said that it is raising $200 million through a five-year foreign currency convertible bond issue, at a coupon rate of one per cent.

The bonds are convertible at 50 per cent premium over the closing share price of February 8, which is Rs393.90. They bear a yield-to-maturity of 3.88 per cent compounded semi-annually, Tata Power said in a press release.

The company plans to use the net proceeds from the issue for capital expenditure in existing units, new projects and acquisitions. The bonds are expected to be listed on the Singapore Stock Exchange.

J.P. Morgan is the sole underwriter and book-runner to the offering.
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Siemens to invest $500 million over three to four years
Mumbai: Siemens India Ltd is planning to invest over $500 million in India in the next three to four years for setting up new factories and expanding its existing capacities in the country.

Siemens has indicated that primarily the investments will be made by Siemens India, as it is in financially very good shape. If necessary, Siemens AG would also chip in with new investment plans. Siemens would be setting up more research and development (R&D) centres and it would be adding more software professional at its R&D centre in Bangalore.

It is also planning to export software solutions, hardware and medium-sized switch-gear from India. Overall it is eyeing a ten per cent growth from India.
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Nicholas Piramal to invest $270 million in R&D
New Delhi: Nicholas Piramal India Ltd (NPIL) is planning to invest $270 million in research and development over the next seven years.

Clinical trials of its new chemical entity - CDK4 - a cancer drug would start in the first quarter of 2005-06, which will address five different types of cancer. Besides, the company is also eyeing custom manufacturing contracts from innovator companies to spur exports and it expects to strike deals with two global pharma majors for manufacturing of formulations by the end of this fiscal.
The Mumbai-based pharma major hopes to generate at least 40 per cent of its revenues from custom manufacturing by 2009 from the present eight per cent.
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Praj gets Bajaj Hindustan order
Mumbai: Praj Industries Ltd has been awarded a contract to install a Rs25-crore distillery attached to a sugar mill in North India by Bajaj Hindustan Ltd.

The distillery, with a capacity to produce 160 kilo litres per day of total spirit with a provision for 150 kilo litres per day of high-grade neutral spirit, is attached to the sugar mill at Kinauni, Meerut. It will be the largest extra neutral alcohol plant in the country, Praj has said.

This is the third contract from Bajaj Hindustan in a span of three years, Praj has said in a notice to the BSE.
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Snecma to enhance Indian operations
Bangalore: French aircraft engine major Snecma Aerospace has announced that it is enhancing its Indian operations, first by doubling its $10-million Indian entity's manpower strength to 300 by this year-end.

Snecma has a two-year-old 50:50 joint venture with Hindustan Aeronautics Ltd (HAL) to make Shakti engines for use and export by both. The venture with an initial investment of Rs30 crore has not got into the operational mode and awaits the final clearance of the Centre.

Snecma said at the Aero India show that they hoped that production would start in a year and the engine parts would also be manufactured.

The fully owned subsidiary, Snecma Aerospace India, focuses on Airbus A380, Boeing 7E7, CFM56 and SM146 and will play an active role in the Indian programmes, Snecma said.
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Sun Pharma clears merger of subsidiaries
Mumbai: Sun Pharmaceutical Industries Ltd has said on Tuesday that its board of directors has approved the proposal for merger of Phlox Pharmaceuticals Ltd, a Board for Industrial and Financial Reconstruction (BIFR) notified company. This was, however, subject to approvals from BIFR and the Gujarat High Court, the company told BSE.

The board, at its meeting today, also approved the merger/amalgamation of it's three wholly-owned subsidiaries with itself, from March. The subsidiaries are Bazley Finvest Pvt Ltd, Dhaval Finvest Pvt Ltd and Manish Finvest Pvt Ltd.

The company also informed BSE that the extraordinary general meeting of Sun, had approved the appointment of Deloitte Haskins & Sells, in the vacancy caused by the resignation of Price Waterhouse.

They would hold office up to the conclusion of the Twelfth Annual General Meeting, the announcement said.
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Lockheed Martin and HAL sign technical agreement
Bangalore: The US-based aerospace giant Lockheed Martin and Hindustan Aeronautics Ltd (HAL) have signed a technical assistance agreement relating to the P-3 Orion maritime surveillance aircraft programme. The agreement will allow the companies to share export-controlled technical data related to P-3 airframe component design, manufacturing and overhaul.

The agreement has been approved by the US Department of State. The Lockheed Martin Aeronautics Companysaid that the signing would allow the company to proceed to the next level of maturity in its business relationship with HAL. India is one of the countries currently studying the acquisition of used P-3 aircraft.
The Indian Navy has been studying this under an intern-Government agreement with the US Navy. Before being delivered to the Indian Navy, the aircraft will undergo mission system upgrade and airframe modernisation, which will give them an expected service life of 20-30 years.

The data exchanged under the agreement will allow HAL to provide detailed technical and commercial proposals for participation in the airframe modernisation programme.

Lockheed Martin manufactures F-16, F-35, F-117, C-5, C-130 and other fighter aircraft. The company makes major components for the F-2 fighter and is a co-developer of C-27J tactical transport and T-50 advanced jet trainer.
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HCL Info launches Micro BTX
New Delhi: HCL Infosystems has claimed that it has become the first company to launch Micro Balanced Technology Extended (BTX) Form Factor for desktops in India.

"The technology, which provides a better thermal environment, superior acoustic performance, improved motherboard design and an overall improved structural integrity, will be incorporated in the HCL's new range of Infiniti Pro BL 1200 desktops," an HCL release said here.
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TCS evaluating M&A opportunities
New Delhi: Tata Consultancy Services (TCS) has said that it would look at acquisitions as part of its overall growth strategy.
TCS said it will look at growth both organically and inorganically.

On the kind of companies that would interest it, TCS says it will look at technology areas, geographic presence and at integration possibilities.

TCS has a strong merger and acquisition group whose mandate is to look at potential companies. TCS has acquired five companies till date, including joint ventures.

TCS currently employs over 43,000 professionals. Currently, the company has offices in 32 countries and development centres in ten nations. TCS offers a range of IT services for banking and financial services, insurance, manufacturing, telecommunications, retail and transportation.
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Coffee Day plans 500 outlets by 2007
Bangalore: Café Coffee Day, the liquid coffee retailing brand, plans to set up 500 outlets by 2007, more than doubling its current network of 200 cafes in 50 cities.

The chain has opened its 200th outlet in Bangalore, and expects the number of outlets will cross 250 by June this year covering sixty cities across the country. Coffee Day, which is poised for big overseas expansion, plans to open 50 cafes in five international cities by 2006. Coffee Day is expected to close the current financial year with revenues in the vicinity of Rs100 crore, while Amalgamated Bean Company, which is one of the largest coffee exporters, will end the year with Rs200 crore turnover.
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Seventh edition of the Oxford dictionary launched in CD format
Hyderabad: Oxford University Press has launched the 7th edition of the Oxford Advanced Learner's Dictionary (OALD) in CD Rom form in India.

Speaking at the launch, Ms Sally Wehmeier, Chief Editor and Publishing Manager-ELT Dictionaries, Oxford, UK, said that two hundred new words originating and used extensively in India have been incorporated in the 7th edition.

A total of seven hundred new world English words have been added in the dictionary priced at Rs485, she said.

The Company, grossed a turnover of Rs100 crore during the last calendar year, with a 14 per cent growth over the previous year. A special feature is the CD Rom version, which helps the user with audio pronunciation of both British and American English.
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